Secure your dream home today: No LMI and no hidden fees
Don't wait years to save a massive 20% deposit while property prices rise. We help you avoid expensive Lender's Mortgage insurance fees so your money stays in your pocket.
Understanding LMI: When it applies and why it matters
Lenders Mortgage Insurance (LMI) is usually charged when borrowing above 80% of a property’s value. It protects the lender rather than the borrower, and the premium can range from several thousand to tens of thousands of dollars depending on loan size and LVR.
There is no single “No LMI loan” product. Outcomes depend on lender policy, borrower profile, and how the loan is structured. In some situations, lenders may waive or replace LMI through alternative risk arrangements, making it important to understand available pathways before committing to a strategy.
Different ways to avoid or reduce your LMI burden
Here are the most effective strategies to secure a home loan with a smaller deposit while
keeping your
hard-earned savings in your pocket instead of paying for a
lender's insurance
premium.
Professional LMI waivers
Some lenders offer LMI waivers for selected professions (e.g. medical, legal, accounting, certain health and finance roles), depending on eligibility and lender policy.
Specialist lender policies
Certain lenders assess risk differently and may allow higher LVR lending for borrowers with strong income, clean credit, stable employment, and low debt.
Government buyer schemes
Programs like the First Home Guarantee may allow eligible buyers to purchase with lower deposits without paying LMI, subject to criteria and availability.
Guarantor or family support
Using equity from a family member’s property can reduce LVR and potentially remove the need for LMI.
Strong borrower profiles
High income, solid savings, and stable employment may support discretionary LMI outcomes, depending on lender assessment.
Save thousands by waiving LMI.
Contact our specialists today to see if your profession is on the list.
Book a callEstimated LMI savings by property price
The table below shows how much Lenders Mortgage Insurance you may be able to avoid with a 10
percent deposit.
These figures are estimates only and can vary based on
lender policy and your
individual circumstances.
| Property price | 10% deposit | Estimated LMI avoided* |
|---|---|---|
| $750,000 | $75,000 | $14,000 |
| $1,000,000 | $100,000 | $22,000 |
| $1,500,000 | $150,000 | $35,000+ |
Who is eligible for LMI waivers?
Eligibility plays a key role in determining whether you can access LMI exemptions or government support. The following requirements provide a general guide to who may qualify.
Specific deposit requirements by profession
The table below provides a general guide to the maximum loan-to-value ratio (LVR) and the
minimum deposit typically
required for eligible professions. Actual
eligibility, loan limits,
and conditions may vary between lenders.
| Profession | Maximum LVR | Minimum deposit required |
|---|---|---|
| Doctors | 95% | 5% |
| Nurses | 90% | 10% |
| Lawyers | 90% | 10% |
| Accountants | 90% | 10% |
| Dentists | 90% | 10% |
| Allied health | 90% | 10% |
| Other eligible professionals | 90% | 10% |
Actual criteria vary by lender and policy at the time of application.
The ZedPlus advantage: Why work with us?
We aren’t just mortgage brokers; we are also tax accountant, giving you a "2-for-1" advantage that standard brokers can't match.
Our dual expertise ensures your loan is structured with both lending approval and long-term tax efficiency in mind.
LMI waiver policies change weekly. We know exactly which lenders have the current "appetite" to waive fees for your specific profession.
Unlike banks, we operate under the Best Interests Duty, meaning we are legally required to put your financial goals first.
We manage the entire process through to final settlement, taking all the technical paperwork and daily stress off your plate.
We provide regular health checks and negotiate directly with your lender to ensure you never pay a hidden loyalty tax.
We select lenders and structures that preserve your ability to borrow for future investment properties, not just your first home.
Contact us
Ready to skip the LMI and move in sooner?
Don’t let market fluctuations hold you back. Property prices are moving fast, and you should be too. Let our experts find your fastest, most cost-effective route to homeownership today.
Book a call with our Team
NO LMI home loan FAQs
Yes, it is possible, though the pathways are different. While professional waivers are the most common, some lenders offer "limited-time" promotions or specific products for high-income earners across various industries.
Furthermore, government-backed schemes like the First Home Guarantee allow eligible buyers to purchase with as little as a 5% deposit without LMI. At ZedPlus, we analyse your specific financial profile to see if you fit into these niche lender policies or government programs that bypass the standard 20% deposit rule.
Many people worry that waiving LMI results in a higher interest rate, but this is often a misconception. For many eligible professionals, lenders offer the same competitive rates as they would for a borrower with a 20% deposit.
However, because you are borrowing at a 90% Loan-to-Value Ratio (LVR), the lender’s internal "pricing grid" might differ slightly from an 80% loan. We work to negotiate with lenders to ensure that your "No LMI" status doesn't come at the cost of a significantly higher interest rate.
Most Australian lenders require at least one applicant to be an Australian Citizen or Permanent Resident to access 90% LVR loans without LMI. New Zealand citizens living in Australia on a Special Category Visa (Subclass 444) are often treated similarly to citizens by many major banks.
If you are on a temporary work visa, your options for a 10% deposit without LMI are significantly limited, and you may be subject to different foreign investment rules and higher deposit requirements.
Securing an LMI waiver while self-employed is more complex but definitely possible. Lenders typically want to see at least two years of consistent tax returns and financial statements showing that your business income meets their high-income thresholds.
This is where ZedPlus provides a distinct advantage; because we are also tax accountants, our team prepare your financial documentation to clearly demonstrate your true earning capacity to the bank's credit department, increasing your chances of a successful waiver.
Both options allow you to avoid LMI, but they serve different needs. A guarantor loan uses a family member's property as additional security, often allowing you to buy with a 0-5% deposit.
A "No LMI" 10% deposit loan is ideal if you have the savings but don't want to involve a family member's finances. It offers more independence and simplicity. If you have 10% saved, the "No LMI" professional waiver is usually the cleaner option as it avoids the legal complexities of a guarantee.
The approval timeframe generally ranges from 3 to 10 business days, depending on the lender and the complexity of your income. Because No LMI waivers at a 90 percent loan-to-value ratio involve higher risk for the bank, applications are often reviewed by senior credit assessors.
To help speed up the process, we ensure all required documents, including pay slips, tax returns, and identification, are lender-ready before submission. A well-packaged application prepared by our team typically results in a smoother review and faster approval outcome.
If a bank's valuation comes in lower than the purchase price (a "short valuation"), it can push your LVR above the 90% threshold. For example, if you have a 10% deposit and the valuation is low, your LVR might become 93%.
In this case, you may no longer qualify for the LMI waiver unless you can contribute more cash to bring the loan back down to 90%. We handle this by ordering upfront valuations where possible to identify any potential issues before you commit to a contract.
In most cases, No LMI waivers at a 90 percent loan-to-value ratio are reserved for borrowers with strong credit histories. As the lender is taking on additional risk by waiving the insurance, they generally expect a very clean credit profile.
Minor issues, such as an isolated missed payment from several years ago, may be acceptable if they are well-explained. However, recent credit problems or significant defaults are likely to affect eligibility. Our team runs a soft credit check and reviews your file upfront to advise whether a No LMI option is realistic before you apply.
Your current bank only has one set of rules. If you don't fit their specific "No LMI" criteria, they will simply charge you the insurance or reject the loan. ZedPlus has access to over 40 lenders, each with different LMI waiver policies that change constantly.
Furthermore, our dual expertise as mortgage brokers and tax accountants allows us to structure your application more effectively than a standard banker could, ensuring we maximize your chances of approval while minimizing your long-term tax liabilities and interest costs.